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Huobi To Launch $1 Billion Blockchain Fund in Hainan

Huobi Labs, cryptocurrency exchange Huobi’s incubator wing, has signed a strategic cooperation agreement last Sunday with Tianya ,a popular online forum in China, to jointly build a Global Cultural and Creative Blockchain Lab in Hainan Province.

Huobi’s move comes two weeks after the Chinese government announced the country will set up an international free trade zone by 2020 on the island of Hainan to grant foreign firms greater economic freedom. Therefore Huobi intends to take advantage of its technological, resources, talents and capital strengths in the blockchain industry to contribute to the development of Hainan Special Economic Zone and the construction of an international free trade zone, according to a statement on its website.

Li Lin, the chief executive and founder of Huobi Group, said in his WeChat Moments that the cooperation with Tianya , whose headquarter is in Hainan, is just a beginning for Huobi Group’s business in the tropical island and they plan to launch 5 initiatives in the province in 2018:

1.Huobi China will relocate its China’s headquarter to Hainan Island, to be settled in Hainan Econogical Software Park;

2.Partner with top blockchain startups to build 10 Global Blockchain+Labs;

3.Cooperate with world-class universities to set up a blockchain research institute;

4.Build a 40,000-square-meter blockchain incubator;

5.Launch a one billion-dollar blockchain fund.

Founded in 2013, Huobi Group has become the leading global blockchain asset financial service provider, consisting of Huobi OTC, Huobi Autonomous Digital Asset Exchange, Huobi Pro, Huobi China, Huobi Mining Pool, just to name a few. Last week, Huobi Group announced its plans to expand into Europe with new offices in London opening later this year.

Given that China has banned cryptocurrency trading and ICO activities entirely last September, Huobi’s expansion into Hainan Province might signal that it is an attempt to restart digital currency-related business in China.